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Cincinnati’s development coffers got a little fatter last week, as $125 million in federal tax subsidies flooded into the city. These subsidies, called New Market Tax Credits (NMTCs), incentivize local investors to funnel capital into low-income communities and have essentially bankrolled Over-the-Rhine’s entire revitalization.
The University of Cincinnati is rapidly moving forward with a $16M renovation of the historic Sears department store building in Avondale, but the work taking place hardly resembles that of historic preservation.
While the construction activities taking place in OTR and Downtown often grab the headlines, it is actually the city's uptown neighborhoods where some of the most dramatic construction progress is taking place.
Avondale leaders have, for years, worked to turnaround the neighborhood's fortunes. A recent string of successes, punctuated by fast sale of Hickory Place Townhomes, shows the community may finally be close.
The neighborhoods that comprise Cincinnati's uptown area are defined by large medical, research and educational institutions. And while the rest of the region has stagnated in job growth, this area has surged.